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Stocks Shake off Geopolitical Woes, Rebound on Corporate Earnings

Stocks rebounded, with the S&P 500 rising 1 percent, as markets switched their focus to corporate earnings from geopolitical events in Ukraine and Gaza.
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/ Source: CNBC.com

Stocks rebounded on Friday, with the S&P 500 rising 1 percent, as the markets switched their focus to corporate earnings after geopolitical events in Ukraine and Gaza sent them in a tailspin the day before. The Dow Jones Industrial Average closed unofficially 123 points ahead, the S&P 500 rose 20 points and the Nasdaq added 68 points, or 1.5 percent. Friday's "gains are related to earnings that are better than expected from companies like Google, and second, after the worries due to the downing of the airliner and (Israeli) invasion of Gaza, the fact that there is no escalation is being taken as a good sign," said Kate Warne, an investment strategist at Edward Jones. Google shares climbed over 4 percent after the Internet search engine said second-quarter revenue rose 22 percent, beating average analyst estimates.

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IN DEPTH

Kate Gibson, CNBC.com